HSBC 2015 Annual Report Download - page 58

Report of the Directors: Financial summary (continued)
Group performance by income and expense item
HSBC HOLDINGS PLC
56
Net insurance premium income
2015
$m
2014
$m
2013
$m
Gross insurance premium income 11,012 12,370 12,398
Reinsurance premiums (657) (449) (458)
Year ended 31 December 10,355 11,921 11,940
Reported net insurance premium income was $1.6bn
lower, largely from the adverse effects of currency
translation of $930m.
Significant items and currency translation
2015
$m
2014
$m
Significant items
–
–
Currency translation 930
Year ended 31 December
–
930
On an adjusted basis, excluding the effect of currency
translation, net insurance premium income fell by $636m
or 6%, driven by Asia, primarily in Hong Kong where it
declined because of lower unit-linked contract premiums
and new reinsurance agreements.
In Europe, premium income fell mainly in the UK, reflecting
a decision to exit the commercial pensions market in 2014.
Other operating income
2015
$m
2014
$m
2013
$m
Rent received 171 162 155
Gains/(losses) recognised on assets held for sale (244) 220 (729)
Gains on investment properties 61 120 113
Gain on disposal of property, plant and equipment, intangible assets and
non-financial investments 53 32 178
Gains/(losses) arising from dilution of interest in Industrial Bank and other associates
and joint ventures
–
(32) 1,051
Gain on disposal of HSBC Bank (Panama) S.A.
–
–
1,107
Change in present value of in-force long-term insurance business 799 261 525
Other 215 368 232
Year ended 31 December 1,055 1,131 2,632
Change in present value of in-force long-term insurance business
2015
$m
2014
$m
2013
$m
Value of new business 809 870 924
Expected return (552) (545) (505)
Assumption changes and experience variances 504 (116) 88
Other adjustments 38 52 18
Year ended 31 December 799 261 525
Reported other operating income decreased by $76m from
2014. This was partly due to the significant items recorded
in the table below.
Significant items and currency translation
2015
$m
2014
$m
Significant items
Included within gains/(losses) recognised on assets held for sale: (232) 168
–
disposal costs of our Brazilian operation (18)
–
–
gain/(loss) on sale of several tranches of real estate secured accounts in the US (214) 168
Included within the remaining line items:
–
(41)
–
acquisitions, disposals and dilutions
–
(41)
Currency translation (64)
Year ended 31 December (232) 63